- The
events industry generated over $330 billion in direct sales in 2016, with
huge potential for growth in this field
- Net
Element also exploring innovative technologies like blockchain for the
purpose of enhancing its payment solution portfolio
- Company
focusing on a partnership and an expansion on the Russian market enabling
it to explore new markets that have yet to develop innovative payment
solutions
Net Element, Inc. (NASDAQ: NETE), a global technology and
value-added solutions group, is providing innovative payment solutions for the
events industry while also expanding its presence in Russia. The aim of both
initiatives is to carve a space in previously underserved niches, according to
a company audio press release (http://ibn.fm/Mkf9l).
The company is known for its payment-as-a-service
transactional services platform targeted at small and medium-sized enterprises.
It is operational in the U.S., as well as a number of select emerging markets.
As the global payments industry is thriving, companies like
Net Element are offering innovative ways for payment management. Its operations
are through various subsidiaries, enabling the provision of payment services in
an array of industries. Unified Payments, one of the Net Element subsidiaries,
has been rated among the fastest growing companies in the U.S. by Inc.
Magazine. The company has developed an award-winning payment solution, tailored
to the needs of small and medium-sized clients.
The Unified Payments development is specifically formulated
for the needs of operators in the events industry (http://ibn.fm/jVkGD). Through
integration with point-of-sale systems and kiosks and through multi-channel
payment capabilities, the system creates a comprehensive and seamless payment
option. The Unified Payments solution provides added bonuses for users in the
form of Fast Pass Funding (a same-day funding service) and Zero Pay (a cash
payment discount program).
In 2016, the events industry generated over $330 billion in
direct spending (http://ibn.fm/uaR2w)
and $845 billion in business sales. There were over 1.9 million meetings held
over the course of the year, attended by more than 251 million people. The
meetings sector supported more direct jobs than the entire manufacturing
sector, making it an industry with tremendous potential for growth.
To increase the scope of its services, Net Element has also
embraced new technologies and reached out to markets like Russia.
Recently, the company released a proprietary multi-channel
payments platform called Netevia, providing a system for effortless connection
between merchants and customers. Netevia unifies payments across different
channels and it can effortlessly integrate with an array of platforms to
streamline everyday financial transactions that businesses have to address. On
June 12, Net Element announced an extension of the Netevia platform to include
a smart solution aimed at enabling secure vendor payments (http://ibn.fm/CikEs).
While these payment solutions are becoming available on
existing markets, Net Element is also spreading across new parts of the world.
PayOnline, a Net Element subsidiary, announced a partnership in Russia with
Bank Sputnik. The company will be offering a multi-channel payment facilitator
to small and medium-sized businesses. Currently, business operators in Russia
do not have access to a similar solution.
The digital payments market in Russia is expected to grow at
a rapid pace. According to a World Bank report (http://ibn.fm/yYyeC), Russia is
one of the countries that can benefit the most from a digital transformation.
The ecommerce sector remains underdeveloped, but the potential for expansion is
significant. The Russian digital payments sector was valued at $27.9 billion in
2016 (http://ibn.fm/Mo4re)
and is expected to reach a volume of $39.5 billion by the end of 2018.
For more information, visit the company’s website at www.NetElement.com
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